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Subsequent Event | 12 Months Ended
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Dec. 31, 2014
Business Combinations [Abstract] |
Subsequent Event | Subsequent Event Pursuant to an October 22, 2014 Stock Purchase Agreement, the Company purchased all the issued and outstanding shares of Workmen’s Auto Insurance Company (“WAIC”), a California domiciled property and casualty insurance company, on January 2, 2015. The Company paid $8 million in cash for the shares of WAIC, of which, $2 million has been withheld in escrow for two years as security for any loss development on claims incurred on or prior to June 30, 2014. In accordance with requirements to obtain regulatory approval, the Company made a $15 million capital contribution to WAIC on January 12, 2015. WAIC is a Los Angeles-based non-standard, personal automobile lines insurance company that operates predominantly in California. The Company intends to use the WAIC non-standard automobile product to complement the Company’s preferred product offering. The determination of purchase price and valuation of financial assets acquired and financial liabilities assumed are expected to be completed as soon as practicable. The final purchase price allocation is still under review, specifically related to the determination of the fair value of loss reserves, assets, liabilities, and identifiable intangible assets. The Company expects this review to be completed during the first quarter of 2015.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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